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The "king" of cryptocurrencies is punished! The founder of "Binance", 4 months in prison in the USA for money laundering

2024-05-01 15:47:35Kosova&Bota SHKRUAR NGA REDAKSIA VOX

The "king" of cryptocurrencies is punished! The founder of

Changpeng Zhao , the billionaire founder of cryptocurrency exchange Binance, was sentenced to four months in prison on Tuesday after pleading guilty to money laundering charges last year.

The sentence, handed down in a US federal court in Seattle, is much lighter than the prosecutors' request for three years in prison! Lawyers on the other side asked for bail.

Before the hearing, Zhao apologized for the mistakes he made as CEO of Binance, which he founded in 2017.

"Words cannot explain how deeply I regret my choices that resulted in me being before the Court," he said in a letter to the judge.

"Be sure that it will never happen again," the statement said.

Zhao's conviction was the second high-profile conviction this year in the Justice Department's campaign to root out criminal behavior in the crypto industry.

In March, Sam Bankman-Fried, the founder of the defunct FTX exchange and Zhao's one-time business rival, was sentenced to 25 years in prison for fraud.

Zhao and Bankman-Fried stood at the helm of the multi-trillion dollar crypto industry for several years.

Binance agreed to pay more than $4 billion in fines and other penalties as part of a coordinated settlement with the federal government last fall.

The company admitted to engaging in money laundering, unlicensed money transmission and sanctions violations.

Zhao, who is 47 years old and has a personal fortune of nearly $40 billion, according to Bloomberg, agreed to step down as CEO of Binance and pay a $200 million fine.


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